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Tax News

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

Scammers take advantage of businesses ignorance on EU VAT rules - August 9, 2017
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Businesses across the UK are being targeted by scammers who are charging them to update companies VAT registration numbers online, when it is not necessary. Typically businesses are told that as part of changes to EU legislation, which obligates all companies to provide their VAT registration numbers on ‘various’ documents since 2010, they as a … Continue reading Scammers take advantage of businesses ignorance on EU VAT rules


Landlords – unpaid tax should be declared sooner rather than later - August 9, 2017
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Landlords are being advised that HM Revenue & Customs (HMRC) is redoubling its efforts to crackdown on individuals who fail to properly report their taxes. A number of reports have emerged recently which suggest that the Revenue’s Connect ‘supercomputer’ is being used by the tax authority to gather far-reaching data on taxpayers and to effectively … Continue reading Landlords – unpaid tax should be declared sooner rather than later


Making Tax Digital delayed by at least a year for the majority of businesses - August 9, 2017
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The Government has announced that it plans to delay the full implementation of digital taxation until 2020. Making Tax Digital (MTD), the details of which will be included in the upcoming Finance Bill for 2017, has already faced a number of delays and was placed on hold before the snap general election in June. However, … Continue reading Making Tax Digital delayed by at least a year for the majority of businesses


Deeds of Variation an option for managing the burden of inheritance tax - July 24, 2017
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If you find yourself liable to pay Inheritance Tax following the death of a loved one, you may wrongly presume that there is no option but to pay the tax man the full amount that he is owed. However, by using a Deed of Variation, it can often be possible to offset a portion of … Continue reading Deeds of Variation an option for managing the burden of inheritance tax


Opposing HMRC penalties on grounds of ‘reasonable excuse’ - July 24, 2017
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Recent reports have shed light on some of the most unusual cases where self-assessment taxpayers have managed to successfully appeal late filing and late payment penalties issued by HM Revenue & Customs (HMRC). In one instance, a taxpayer named Magdalena Trzcińska successfully appealed a late filing penalty thanks to a well looked-after ‘signed for’ Post … Continue reading Opposing HMRC penalties on grounds of ‘reasonable excuse’


Rules on directors’ tax returns are not as clear you might think - July 24, 2017
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According to the gov.uk guidance, a director must register for self-assessment (SA) and send a personal SA tax return to HM Revenue & Customs (HMRC) each year. However, this isn’t always the case. There are exemptions to this rule, one of which was recently highlighted at a tax tribunal. Mohammed Salem Kadhem has been a … Continue reading Rules on directors’ tax returns are not as clear you might think


I’m a non-resident landlord. Do I have to file a tax return in the UK? - July 24, 2017
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If you have lived abroad for six or months or more in a year, you are classed as a “non-resident landlord”, and the income you receive from renting out your home whilst abroad is taxable in the UK. This needs to be declared to HM Revenue & Customs (HMRC), but you do not necessarily need … Continue reading I’m a non-resident landlord. Do I have to file a tax return in the UK?


Can you benefit from capital allowances on your business premises? - June 19, 2017
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If you own your own business premises, you may be entitled to claim capital allowances on some of the costs associated with the ‘intrinsic fabrication’ of the building. The ‘intrinsic fabrication’ of a building includes items such as lighting, heating, plumbing, electrics and fire safety systems. It essentially covers the items that are necessary for … Continue reading Can you benefit from capital allowances on your business premises?


Receipts rise as Corporation Tax rates fall - June 19, 2017
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Corporation Tax receipts reached a record high in the 2016-17 financial year, with a total of £56 billion collected, a 21 per cent year-on-year increase. These record figures come despite the main rate of Corporation Tax falling from 30 per cent in 2008 to 19 per cent in 2017-18. The most obvious driver for this … Continue reading Receipts rise as Corporation Tax rates fall


The Inheritance Tax main residence additional nil-rate band - June 19, 2017
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A new additional nil-rate band of £100,000 for Inheritance Tax (IHT) on main residences, when bequeathed to a direct descendent, came into effect at the start of the new tax year in April 2017. In 2018, 2019 and 2020, this will rise to £125,000, £150,000 and £175,000 respectively, before rising in line with Consumer Prices … Continue reading The Inheritance Tax main residence additional nil-rate band


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